- Singapore equities reported a slight loss of 0.5% in 2Q25, breaking a streak of four consecutive quarters of gains. But in July, the market hit its all-time high of 4,011.
- The 9th July reciprocal tariff deadline is looming. We believe Singapore stands out for its safe “return” haven status. Maximum reciprocal tariffs are already the lowest compared to all Asian peers. Singapore is the only triple-A rated sovereign credit in Asia with appreciating currency and large capital inflows. Valuations are at the bottom quartiles with attractive dividend yield given falling interest rates.
- In an environment of slower growth, we overweight stocks with earnings visibility or asset monetisation opportunities. Sectors with the visible earnings growth include commodities, construction, defence, power and property.
Continue Reading
